Euro, Pound, Oil, Gold, and the Dow are up; Yen, Nasdaq, and S&P are down.

MARKET ANALYSIS

USDJPY

USD/JPY intraday: the downside prevails.

Pivot:

161.65

Our preference:

Short positions below 161.65 with targets at 160.85 & 160.65 in extension.

Alternative scenario:

Above 161.65 look for further upside with 161.95 & 162.30 as targets.

Comment:

As long as 161.65 is resistance, look for choppy price action with a bearish bias.

EURUSD

EUR/USD intraday: bullish bias above 1.1410.

Pivot:

1.1410

Our preference:

Long positions above 1.1410 with targets at 1.1450 & 1.1470 in extension.

Alternative scenario:

Below 1.1410 look for further downside with 1.1395 & 1.1375 as targets.

Comment:

Even though a continuation of the consolidation cannot be ruled out, its extent should be limited.

GBPUSD

GBP/USD intraday: the bias remains bullish.

Pivot:

1.3315

Our preference:

Long positions above 1.3315 with targets at 1.3365 & 1.3385 in extension.

Alternative scenario:

Below 1.3315 look for further downside with 1.3295 & 1.3265 as targets.

Comment:

Technically the RSI is above its neutrality area at 50.

CRUDE OIL (WTI)

Crude Oil (WTI)‎ (Q6)‎ intraday: up turn.

Pivot:

67.60

Our preference:

Long positions above 67.60 with targets at 69.20 & 69.80 in extension.

Alternative scenario:

Below 67.60 look for further downside with 67.10 & 66.60 as targets.

Comment:

The RSI calls for a rebound.

GOLD

Gold intraday: bullish bias above 4075.

Pivot:

4075

Our preference:

Long positions above 4075 with targets at 4165 & 4210 in extension.

Alternative scenario:

Below 4075 look for further downside with 4027 & 3960 as targets.

Comment:

The RSI is bullish and calls for further advance.

DOW JONES

Dow Jones (CME)‎ (U6)‎ intraday: the upside prevails.

Pivot:

52930

Our preference:

Long positions above 52930 with targets at 53300 & 53500 in extension.

Alternative scenario:

Below 52930 look for further downside with 52760 & 52580 as targets.

Comment:

The next resistances are at 53300 and then at 53500.

NASDAQ 100

Nasdaq 100 (CME)‎ (U6)‎ intraday: key resistance at 29830.

Pivot:

29830

Our preference:

Short positions below 29830 with targets at 29230 & 28890 in extension.

Alternative scenario:

Above 29830 look for further upside with 30000 & 30250 as targets.

Comment:

As long as 29830 is resistance, expect a return to 29230.

S&P 500

S&P 500 (CME)‎ (U6)‎ intraday: caution.

Pivot:

7540

Our preference:

Short positions below 7540 with targets at 7500 & 7480 in extension.

Alternative scenario:

Above 7540 look for further upside with 7560 & 7577 as targets.

Comment:

The index currently faces a challenging resistance area at 7540.